Etymologies

Examples

The factory owner, the mine owner, the ship owner, who thought it safe twenty years ago to borrow half the value of his plant in order to find capital for his business, now finds that the mortgagee is the virtual owner.

"While a mortgagee is a 'purchaser' to the extent of his interest in the mortgaged property and where it appears that he is bona fide purchaser for value and 'without notice of any secret unrecorded claim or interest' in such property, he will be protected.

"While a mortgagee is a 'purchaser' to the extent of his interest in the mortgaged property and where it appears that he is a bona fide purchaser for value and 'without notice of any secret unrecorded claim or interest' in such property, he will be protected.

Earlier this month the federal agency that oversees Fannie Mae and Freddie Mac sued Chicago for its vacant-buildings ordinance, which requires that a "mortgagee" register vacant properties, pay a $500 fee to the city, comply with onerous maintenance requirements and face a $1,000 daily fine for noncompliance.